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001 A000000 AMERICAN AADVANTAGE FUNDS
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079 010016 DELETE
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008 A001001 BANKERS TRUST CO.
<PAGE> PAGE 3
008 B001001 A
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008 D011001 NEW YORK
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE THOMAS E. JENKINS
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE S&P 500 INDEX FUND
<SERIES>
<NUMBER> 002
<NAME> AMERICAN AADVANTAGE S&P 500 INDEX FUND-INSTITUTIONAL CLASS
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<FISCAL-YEAR-END> DEC-31-1999
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<PERIOD-END> DEC-31-1999
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<NET-INVESTMENT-INCOME> 4441
<REALIZED-GAINS-CURRENT> (357)
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<NUMBER-OF-SHARES-SOLD> 25595752
<NUMBER-OF-SHARES-REDEEMED> 3475077
<SHARES-REINVESTED> 229164
<NET-CHANGE-IN-ASSETS> 471985
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 20.05
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<FN>
<F1>INSTITUTIONAL CLASS. PER SHARE AMOUNTS ARE BY CLASS.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE S&P 500 INDEX FUND
<SERIES>
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<NAME> AMERICAN AADVANTAGE S&P 500 INDEX FUND-PLANAHEAD CLASS
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<FN>
<F1>PLANAHEAD CLASS. PER SHARE AMOUNTS ARE BY CLASS.
</FN>
</TABLE>
ITEM 77B ACCOUNTANT'S REPORT ON INTERNAL CONTROL
To the Shareholders of S&P 500 Index Fund
and Board of Directors of American AAdvantage Funds :
In planning and performing our audit of the financial statements and financial
highlights of S&P 500 Index Fund (one of the funds comprising the American
AAdvantage Funds, hereafter referred to as the "Fund") for the year ended
December 31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with accounting
principles generally accepted in the United States. Those controls include
the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control and its operation,
including controls over safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of American AAdvantage Funds, and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
/s/PricewaterhouseCoopers LLP
Baltimore, Maryland
February 11, 2000
ITEM 77C MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
A special meeting of shareholders of the American AAdvantage S&P 500 Index Fund
(the "Fund") was held on October 8, 1999. The shareholders authorized the Fund
to vote on the following matters at a meeting of interest holders of the BT
Equity 500 Index Portfolio (the "Portfolio").
1) To approve the proposed new investment advisory agreement between the
Portfolio and Bankers Trust Company.
For % For Against % Against Abstain % Abstain
17,360,723 99.98% 2,333 0.01% 966 0.01%
2) To elect eight trustees to the Board of Trustees of the Portfolio.
Nominee Shares For % of Voted Shares % of Voted
For Withheld Withheld
Biggar 17,363,913 100.00% 109 0.00%
Dill 17,363,913 100.00% 109 0.00%
Gruber 17,363,913 100.00% 109 0.00%
Hale 17,363,913 100.00% 109 0.00%
Herring 17,363,913 100.00% 109 0.00%
Langton 17,363,913 100.00% 109 0.00%
Saunders 17,363,913 100.00% 109 0.00%
Van Benschoten 17,363,913 100.00% 109 0.00%
3) To ratify the selection of PricewaterhouseCoopers LLP as the independent
accountants for the Portfolio for the current fiscal year.
For % For Against % Against Abstain % Abstain
17,363,864 100.00% 158 0.00% 0 0.00%
